The EU Court of Justice in Luxembourg has restricted the practices of quick loan companies. The magistrates ruled that the guarantors' fees must be included in the price of the loan, in the so-called annual percentage rate of charge. If it is not included, but is charged as an additional cost, then the loan agreement is invalid and the borrower owes only the net value of the loan, without interest and fees.
The decision of the EU Court of Justice comes after inquiry of the Sofia District Court and is mandatory for all national courts. This eliminates the practice among quick loan companies of requiring customers to provide a guarantee from a third party, most often a guarantor company related to the lender. This makes the loan more expensive, as there are cases of consumers being forced to repay 400% more than the principal amount.
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